2 ms·
Since we’re theorizing here I’ll take a stab. A 2.5X increase will hit a lot of jobs that we don’t think of as minimum wage today. That will cause more automati
by jdavis703 8y ago
Since we’re theorizing here I’ll take a stab. A 2.5X increase will hit a lot of jobs that we don’t think of as minimum wage today. That will cause more automation in many professions, which in theory should drive down costs. This could mean it becomes cheaper to do things like construct housing, making it easier for the government to build affordable housing.
- zeroname 8y agoThe alternative to automation is to just eliminate jobs and shut down shop. For instance, if it's unprofitable to pay someone to bag customer's items, you're not going to invest into building some advanced bagging machine. You're going to have the customer do it themselves. Now the guy that used to be able to earn at least some income bagging items is out of a job.